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Weinstein Company to file for bankruptcy

The announcement comes after last-ditch talks to sell its assets to an investor group collapsed, reports latimes.com. The bid, backed by billionaire investor Ronald Burkle and Dallas private equity firm Lantern Asset Management, would have given Contreras-Sweet’s consortium control of Weinstein Company’s assets in a deal worth about $500 million. “While we recognise that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the Board has no choice but to pursue the only viable option to maximise the company’s remaining value: an orderly bankruptcy process,” the board said in a statement. 2018-02-26T15:00:41+00:00″>
Updated: February 26, 2018 3:00 pm

The announcement comes after last-ditch talks to sell Weinstein Company’s assets to an investor group collapsed. Weinstein Company has been searching for a financial savior since its former co-chairman was accused of sexual harassment and assault against dozens of women. For all the latest Entertainment News, download Indian Express App
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Meryl Streep slams “exploitive” Harvey Weinstein for using her name in defence lawsuit, film mogul apologisesWeinstein Co deal should include more funds for victims – New York AGLawsuit halts $500 million deal to sell Harvey Weinstein’s movie studioWeinstein Company, the New York studio co-founded by Hollywood producer Harvey Weinstein, will file for bankruptcy protection, said the company’s board of directors. The decision came after the board was unable to revive a deal to sell the struggling studio to an investor group led by former Small Business Administration chief Maria Contreras-Sweet. Weinstein, who was fired from the company on October 8, has denied all allegations of non-consensual sex.